The Educated Landlord
Hi, I’m Bill!
When my wife and I first became landlords in the early 2000’s initially we flew by the seat of our pants. We winged it, we best guessed it, and we got lucky.
You see we were going to use Real Estate to build our fortune and we were gung ho, so nothing could stop us! And nothing did for a while!
Then after adding a few more properties to our portfolio, our luck ran out. We ran into our first problem tenant.
It was around that time, we had also joined a network of local Real Estate investors and what a difference it made to how we adapted as landlords and how we were able to grow our business.
Some of it wasn’t ground breaking, much of it was even common sense, but all of it made our job as landlords easier and ultimately more professional.
Instead of using random leases, we had leases specifically designed to protect us. Instead of believing we already knew it all, we learned the real rules and regulations about being a landlord in our city.
Instead of renovating a property as if we were going to live there, we renovated to create great homes for tenants and to keep our long term costs down.
There was just so much we discovered we didn’t know, that we were doing completely wrong or that was simply causing us to throw away money and without education about it, we probably would have quit years ago. Or more accurately quit and told everyone we know how “you can’t make money in Real Estate!”
Fast Forward A Decade
Ten tears later it was all so much clearer, so much easier and much busier! We’d grown from a half duplex to a full duplex and multiple condos, then we added more and more and more until at our peak we dealt with 25 properties and almost 100 tenants.
We took processes we learned and evolved them to fit our style, we streamlined to make them more effective and we learned to use those systems to make managing a larger portfolio by ourselves relatively easy. Then, as time carried on we started teaching, mentoring and sharing the systems and processes we developed with a small group of new landlords we bumped into.
As we started mentoring more new landlords or sharing the information, it became more apparent there was a huge gap or disconnect between what other landlords were doing and what we were doing. Processes and systems we evolved and now did naturally were unheard of by many of these landlords and we realized they were just like us, when we started.
These processes and systems we’ve developed help make a landlords job easier, far less stressful and usually considerably more profitable. The trifecta of landlording!
Now, you’ll find many of these basic steps in my articles, in my emails you can register for down the right side of the page, in my Educated Landlord videos also on the site and in my upcoming landlord training courses.
So take a look around, read some articles,sign up for my emails and let’s see if we can help you become an educated landlord too!